ECLMF - Ecolomondo Reports on the Progress of Its New Hawkesbury TDP Turnkey Facility
(TheNewswire)
Montreal - TheNewswire- October 2, 2020 Ecolomondo Corporation ( TSXV:ECM ) (the "Company" or"Ecolomondo ") reports on the progressof construction of its new, first of its kind, Thermal Decomposition(" TDP ") turnkey facility that is being built in Hawkesbury,Ontario.
Progress is proceeding according to plan and on budgetwith commissioning scheduled to begin in the fourth quarter of2020.
Management reports that the building and all on sitesupporting slabs and pavilions are nearing completion. Equipmentdeliveries have begun and will ramp up in the coming weeks.Installation of the carbon black line has already begun withinstallation of the remaining equipment to progressivelyfollow.
"When I was first introduced tothis technology, I did not quite realize how amazing it actually is.To see this plant being built from the ground up is very satisfying.It is incredible to witness the progress on a daily basis", saysEliot Sorella, Chairman & CEO of the Company.
Management now estimates that the direct costs to buildthe Hawkesbury TDP turnkey facility, including all equipment, land,building and soft costs, at approximately $37.6 million, of whichapproximately $32.1 million is expected to come from the proceeds ofthe project financing loan from EDC and the balance of approximately$5.5 million from the Company, which the Company has alreadycontributed entirely.
As of August 31, 2020, capital expenditures totalledapproximately $24,162,518 and are essentially for site purchase,engineering, site preparation, building construction, labor,permitting and equipment purchases.
Below are various pictures showing the progress ofconstruction:
Please visit the Company's website at www.ecolomondo.com to view morepictures on the progress of construction.
Once built and fully operational, the Hawkesbury TDPturnkey facility is expected to process a minimum of 14,000 tons oftire waste per year and to produce 5,300 tons of recycled carbonblack, 42,700 barrels of oil, 1,800 tons of steel, 850 tons of fiberand 1,600 tons of process gas.
The Hawkesbury TDP turnkey facility is expected to bethe first of its kind and consist of four different departments:shredding, thermal process, recovered carbon black processing and oildistillation.
Management expects to use theHawkesbury facility as the technological showcase of a TDP turnkeyfacility in commercial operations, an important step in the Company'smarketing and future global growth strategy.
Impact of the COVID-19Pandemic
The Company has taken and will continue to take allnecessary actions needed to reduce the impact of the crisis created bythe coronavirus. The Company expects that the milestone to completethe plant under construction in Hawkesbury, Ontario, could bematerially impacted by the current situation. It is to note thatpresently, it is impossible to determine with certitude the long-termconsequences and financial implications if the current situationpersists.
About Ecolomondo Corporation
Ecolomondo is a cleantech Canadian company that iscommercializing its waste-to-products technology. The TDP processconverts hydrocarbon waste into marketable commodity end-products,namely carbon black substitute, oil, gas and steel. Technologies suchas Ecolomondo's are expected to play an important role in resourcerecovery needed in today's circular economy.
Management believes that many technologicalbreakthroughs in areas of emissions, process optimization, automation,end-product processing and safety, position Ecolomondo to become anindustry leader.
The Company's main revenues will come from the sale ofTDP turnkey facilities and royalties from their operations. TDPfacilities will generate revenues from the sale of end-products,tipping fees and carbon credits. Ecolomondo's first focus is to marketTDP turnkey facilities that use scrap tires as a feedstock, becausescrap tires yield end-products with a higher commercial value,especially the recycled carbon black.
Cautionary Note Regarding ForwardLooking Statements
The information in this news release includes certaininformation and statements about management'sview of future events, expectations, plans and prospects thatconstitute forward looking statements. These statements are based uponassumptions that are subject to significant risks and uncertainties.Because of these risks and uncertainties and as a result of a varietyof factors, the actual results, expectations, achievements orperformance may differ materially from those anticipated and indicatedby these forward-looking statements. Although Ecolomondo believes thatthe expectations reflected in forward looking statements arereasonable, it can give no assurances that the expectations of anyforward-looking statements will prove to be correct. Except asrequired by law, Ecolomondo disclaims any intention and assumes noobligation to update or revise any forward-looking statements toreflect actual results, whether as a result of new information, futureevents, changes in assumptions, changes in factors affecting suchforward-looking statements or otherwise.
For further information pleasecontact:
Elio Sorella,
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
www.ecolomondo.com
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